AUD/USD in a minor recovery towards 0.76 resistance

AUD/USD is currently consolidating after testing the resistance at 0.7580, a previous support of last weeks double bottom.

AUD/USD has been clawing back territory on a weaker dollar from the lows of 0.7524 on the sell-off subsequent follow though due to  last week's combination of Yellen and Fischer speaking. Meanwhile, the US PCE data was not supportive of a rate hike in September overall and that has enabled a rally in risk ahead of London coming back into today after a bank holiday.  The key events are now with China and the US jobs data at the end of the week.

"The 0.7600 area, which was sticky on the way down, should provide some resistance to any rallies today," suggested by analysts at Westpac.

AUD/USD levels

"1-3 month: The RBA's easing bias combined with the Fed's tightening bias should push the AUD lower towards 0.74 by year end, although recent BOE and BOJ easing have made the AUD even more attractive to global investment flows such that a test of 0.78 is possible first," Imre Speizer, analyst at Westpac offered. 

"Spot is presently trading at 0.7573, and next resistance can be seen at 0.7580 (Daily High), 0.7584 (Yesterday's High), 0.7602 (Daily Classic PP), 0.7602 (Weekly Classic PP) and 0.7605 (Hourly 100 SMA). Next support to the downside can be found at 0.7570 (Daily Open), 0.7570 (Hourly 20 EMA), 0.7567 (Daily Low), 0.7562 (Weekly Low) and 0.7538 (Monthly Low). "